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FREQUENTLY ASKED QUESTIONS

Students Participating In a Residential Program

 

  Follow Student Financial Services on Facebook for important information!

 

1)  What is the school code to use on the FAFSA?  The school code for all ATSU campuses and
programs is: G02477.  A general video created by Federal Student Aid can be viewed at:
http://www.youtube.com/watch?v=c-23SMf5DyQ.

2)  Do I have to fill out the FAFSA every school year?  Yes!  The FAFSA must be completed every academic year if you wish to receive a financial aid award letter and be offered any type of federal financial aid.  To complete your FAFSA, visit www.fafsa.gov.

3)  How long does it take for you to receive my FAFSA?  It can sometimes take 3 - 5 business days before we have access to your FAFSA information.

4)  I haven’t filed my taxes yet.  Should I still complete my FAFSA?  That’s really up to you, but we cannot offer federal financial aid until your tax return has been filed and your FAFSA updated accordingly.  So, you might want to complete as much as possible on the FAFSA, and as soon as you file your tax return, you can answer the remaining questions and submit your FAFSA.

5)  After I filled out my FAFSA, I received a SAR.  What is the SAR?  SAR stands for Student Aid Report.  Each student needs to review the information carefully to make sure it is correct and complete.  If there is an issue with the SAR, please correct the information.  If no revisions are needed, keep it for your records.

6)  I am not a US Citizen.  Am I eligible for federal financial aid?  You must be a U.S. citizen or an eligible non-citizen (possessing Permanent Resident card I-551, an I-551C or an I-94 with eligible designations).  You are NOT eligible if you have an F1 or F2 student visa, J1 or J2 exchange visitor visa, or G series visa.  

7)  Are there fees associated with borrowing?  Yes.  The table below contains the most recent origination fees on the federal loans:

 

Loan Date

Origination Fee - STAFFORD

Origination Fee - Grad PLUS

On or after Oct 1, 2014
1.073%
4.292%

On or after Dec. 1, 2013

1.072%

4.288%

On or after July 1, 2013

1.051%

4.204%

 

Origination fees will continue to fluctuate until 2021 due to Sequestration.  Current interest rates (through June 30, 2014) also differ – Stafford Loan (unsubsidized) is 5.41%, while the Grad PLUS interest rate is 6.41%.  Effective July 1, 2014, the Stafford Loan (unsubsidized) rate will be 6.21% and the Grad PLUS interest rate will be 7.21%.  The interest on both of these loans will begin to accrue when the funds are made available to the student.


8)  When will I receive my award letter?  The award letter will be sent to you approximately 4-6 weeks after we have received your FAFSA information.  The award letter will be sent to your ATSU email account, so please monitor your emails!


9)  When will I receive the proceeds of the financial aid?  Funds from your loans will be electronically deposited to your account the first day of the fall term and the first day of the spring term.  The tuition and fees are paid from these funds and the remainder is sent to you as a stipend for your living expenses, books, etc.  This stipend is sent electronically to the bank account that you set up as part of the award letter process.

10)  What if I overestimate and have borrowed too much money on my student loans?  You may write a check to ATSU for the amount you would like returned to your lender.  We will return the funds on your behalf and we will request that the fees and interest charges be waived;  however, we cannot guarantee that they will be.


11)  What if I underestimated and have not borrowed enough money on my student loans to cover my living expenses?  Send an e-mail to financialaid@atsu.edu with your request and we will start the process to get more of your available funds to you.


12)  What if I have an emergency financial situation, but I have borrowed the maximum amount offered to me this year?  Stop by our office or send an e-mail to financialaid@atsu.edu.  


13)  What if I need a short-term loan just to get by until the next disbursement?  You can request a short- term loan for up to $2,000.   Your loan, plus interest, will then be paid in full by deducting the amount from the next regularly scheduled loan disbursement.  


14)  What is the Master Promissory Note (MPN)?  The MPN is a legally binding contract the student must sign.  It is an agreement to repay the Stafford and/or Grad PLUS loan money borrowed.  The MPN also describes your rights and responsibilities as a student loan borrower.


15)  Can I do work-study if I have not taken Federal loans? The requirement for work-study is that you are eligible based on your completion of the FAFSA for the current award year and are not selected for verification. If selected for verification, you must complete the verification process before work-study is allocated. You do not have to take federal loans in order to qualify for work-study.